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There are a few basic requirements established by lenders to be approved for a bad credit score payday loans. These requirements are required to protect the interests in the lender, as well as those of yours, the borrower. First, the potential borrower must be a minimum of 18 years of age where you can verifiable form of income with a steady paycheck, hence the name payday loan. Many lenders will require that the borrower will need to have been employed at their current job and also living at their current residence for about the last three months for being qualified.

There may also be minimum monthly income requirements a borrower must meet that may vary by lender but are usually around $800 to $1,000 per month. Another important criterion to become approved for low credit score payday loans is that the borrower features a valid bank account that is certainly capable of electronic transactions. There’s 2 reasons for this; the foremost is that your money will probably be transferred directly to your upon approval, and secondly, the funds might be debited from your account about the agreed upon repayment date.

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